Ivan Gazidis has insisted that Arsenal are committed to spending big in the transfer market in a bid to reclaim their trophy laden glory years.

The Gunners' chief executive made the bold claim after the north London outfit posted the full breakdown of their financial results for the year ending May 2017 on the club's official website.

Arsenal eclipsed the £400m turnover mark for the first time in their history last season, with revenue increasing £72.2m in 2016 to £422.6m this time around.

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Speaking after the announcement was made, Gazidis reaffirmed the club's desire to hand manager Arsene Wenger as much cash as possible to continue bolstering his squad in an effort to start seriously challenging for the Premier League title once more.

He said: “Our ambition is clear - to win major trophies. In order to compete at the top, we need to strive to be better than our competitors in everything we do.

"That is why during the past season we have continued to make substantial investments to drive the club forward.

"At the top of the pyramid, we have scaled up our investment in our first-team squad significantly in recent years, spending a net £203 million in transfer fees in the last three seasons.

"We are focused on ensuring that the structures, in terms of people, expertise and facilities, in place around the manager and the players are the best that they can be."

Arsenal broke their club record transfer fee this summer with the £52m acquisition of striker Alexandre Lacazette from Lyon, and brought in Sead Kolasinac on a free from Schalke.

The FA Cup holders also managed to retain the services of contract rebels Alexis Sanchez and Mesut Ozil for the time being and promote a number of academy products into the first-team fold - factors that Gazidis considers to be positives for the club as a whole.

He added (via the London Evening Standard): "These decisions, taken as a whole, have again strengthened our squad for this season’s competitions.

"We will continue this long-term approach of progressively reinvesting all our available revenue in our playing resources as we look forward.”

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